Control straddling old time cycle (8)
I believe the answer is:
rotation
'cycle' is the definition.
(I've seen this before)
'control straddling old time' is the wordplay.
'control' becomes 'ration' (to ration something is to control its supply).
'straddling' is an insertion indicator (straddle can mean to lie on both sides of).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'time' becomes 't' (abbreviation).
'o'+'t'='ot'
'ration' placed around 'ot' is 'ROTATION'.
(Other definitions for rotation that I've seen before include "Recurrent order" , "altering of crops" , "Turn of a wheel" , "The action of moving around an orbit" , "Revolutionary movement" .)